1990 - WAEC Economics Past Questions and Answers - page 2
11
Time deposit has the same meaning as
A
current account
B
demand deposit
C
deposit account
D
bank deposit
correct option: c
Users' Answers & Comments12
Which of the following best explain an inflationary situation at current price level?
A
Demand, supply
B
Demand supply
C
Demand = Supply
D
Demand/Supply
correct option: a
Users' Answers & Comments13
The theory of consumer behavior is based on all the following assumption except that the
A
Consumer is assumed irrational
B
Consumer taste remains constant
C
Consumer has budget constraint
D
Consumer aims at maximizing his utility
correct option: a
Users' Answers & Comments14
The Joint Stock Company can be a company whose minimum membership is
A
2
B
5
C
7
D
10
correct option: a
Users' Answers & Comments15
Limited liability in Economics means that
A
a shareholder's liability in the event of debt or bankruptcy is limited to the amount he has invested
B
a shareholder's liability for the debt company is dependent on how much he is owing
C
shareholders can not be asked to pay for the debts of the company
D
shareholders try to ensure that only a small proportion of the debt comes to them
correct option: a
Users' Answers & Comments16
Regressive tax is not a good tax system because it
A
Is not convenient to pay
B
Is not certain what to pay
C
Is not economical to collect
D
Does not ensure equity in payment
correct option: d
Users' Answers & Comments17
The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the
A
ECOWAS
B
IMF
C
OPEC
D
NNPC
correct option: c
Users' Answers & Comments18
Which of the following is not a member of OPEC?
A
Indonesia
B
Iran
C
Venezuela
D
United Arab Emirates
correct option: e
Users' Answers & Comments19
which of the following statements is not true of capital income?
A
it helps in the assessment of standard of living
B
it is calculated as National Income Population
C
It is calculated as Population National Income
D
It is used by the UNO to assess and assist developing countries
correct option: b
Users' Answers & Comments20
The notion of short-run and long-run periods is responding for grouping cost into
A
fixed and variable
B
implicit and explicit
C
average and total
D
capital and running
correct option: a
Users' Answers & Comments